BZZ Invest Joint Stock Company has offloaded its entire holding in the Vietnamese food company GTNfoods. BZZ sold all of its 17.5 million shares of GTN, equivalent to 7 per cent of the total number of voting shares in circulation. It is no longer a shareholder of GTNfoods as of June 4, 2019.
This transaction was completed with an average selling price of VND17,500 (US$0.75) per share, bringing BZZ over VND306 billion ($13.2 million).
In March 2019, BZZ purchased a large amount of GTN shares and became a major shareholder.
At that time, the largest shareholder of GTNfoods was West Ocean Invest Joint Stock Company, holding 28 per cent.
However, on May 31, Vinamilk surpassed West Ocean Invest to become the largest shareholder in GTNfoods by purchasing 90 million shares. After the transaction, Vinamilk holds 95.85 million GTN shares, equivalent to 38.34 per cent.